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FTSE edges up ahead of BoE policy meeting

Thu, 21st Jun 2018 10:15

(For a live blog on European stocks, type LIVE/ in an Eikonnews window)

* FTSE 100 edges up as sterling stays at lows

* BoE seen keeping interest rates unchanged

* Sky hits two-month high after Disney move

* Oil stocks lag ahead of OPEC's output decision

MILAN, June 21 (Reuters) - Britain's top share index edgedup on Thursday as sterling hovered around 7-month lows ahead ofa Bank of England policy meeting that is widely expected to keepinterest rates unchanged.

Gains in defensive stocks like consumer staples andhealthcare lifted the FTSE by 0.2 percent by 0852 GMT,while rate-sensitive financials were a drag and energy stocksunderperformed on expectations of an OPEC deal to raise output.

The mid-cap index was flat.

While no economist polled by Reuters expects the BoE to liftrates on Thursday, the central bank may lay some groundwork fora future rise if it judges the economy is now turning a cornerafter an unusually weak start to the year.

"The main impetus for FTSE upside likely derives from freshGBP weakness ahead of the crucial... policy update," said Mikevan Dulken and Artjom Hatsaturjants at Accendo Markets.

"The key interest rate is expected unchanged, amidst weak UKeconomic data and inflation, but a more hawkish outlook couldspice things up," they added.

The decision to keep rates unchanged is fully priced in butmarkets are still giving 50/50 chance to a hike in August andare assigning a 15 percent probability to a second hike by theend of the year, according to UniCredit strategists.

Heavyweight consumer stocks British American Tobaccoand Unilever, which have benefited from therecent strength in the dollar, rose 1.9 and 1.5 percentrespectively, while drugmaker Shire also gave a big liftto the FTSE, up 2.3 percent.

Land Securities and United Utilities fell astheir shares traded without the right to the latest dividendpayment.

Sky rose for a second day, up 1.3 percent at a twomonth high, after Disney raised its offer for the bulkof Twenty-First Century Fox's entertainment assets,including the 39 percent stake in the UK-based pay-TV company.

The move has raised speculation Fox will raise the bid forSky, beating a bid from Comcast, although Liberumanalyst Ian Whittaker said the room for further upside may belimited.

"We do not think it will be bid more than 10 percent aboveComcast's bid, implying 1375p, which is where the shares arenow," he said.

Energy stocks underperformed as oil prices fell as crudeexporters in OPEC appeared to be nearing a deal to increaseproduction. The Organization of the Petroleum ExportingCountries holds its biannual meeting in Vienna on Friday.

Royal Dutch Shell fell 0.4 percent and BPwas flat.(Reporting by Danilo Masoni; Editing by Toby Chopra)

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